In May, pending sales across the MSA slightly dipped 0.5% to 3,243 pending sales, while homes spent an average of 65 days on the market, up 49 days from May 2022. The median home price declined 15.0% to $467,500 while residential home sales also decreased 4.2% year-over-year to 3,411 closed sales. At the same time, sales dollar volume dropped 14.8% to $2,068,145,860.
According to Austin Board of Realtors Economist, Dr. Clare Losey, “Nationally, from May 2022 to May 2023, homebuyers’ purchasing power declined by an estimated 8% to 9% due to the rise in mortgage rates–May’s mortgage rates, averaging 6.4%, were among the highest they’ve been all year. However, in Austin, the moderation in home prices has helped to mitigate the decline in purchasing power. In fact, from May 2022 to May 2023, the monthly mortgage payment declined an estimated 3% to 4%.”
According to the U.S. Census Bureau in 2022, FOUR cities in central Texas were among the 15 fastest growing cities in the nation. All four cities are located on the circumference of Austin……Georgetown, Kyle, Leander, and New Braunfels.
“Large Cities” are those with populations of 50,000 or more. There are 781 cities with populations above 50,000.
Georgetown grew the quickest at 14.4% in 2022, followed by Santa Cruz at 12.5% growth. Kyle and Leander tied for 3rd place growing at a pace of 10.9%.
Many analysts believe that in a future normal market, 30-year fixed-rate mortgages will be around 5%-6% slightly higher than the past 10 years.
The last few years have been anything but “normal” when it comes to real estate. Anormal market I balanced between a buyer and seller – one side does not have much of an advantage over the other.
During the month of June mortgage interest rates have been hovering between 6.5% and 7%.
Situated on a secluded hill rising 380 feet above Lake Austin, the Four Seasons Private Residences Lake Austin encompasses 145 acres of pristine natural landscape and 3,070 feet of private waterfront, surrounded by more than 2,000 acres of open green space.
The development features 100,000 square feet of private amenities, including a marina, clubhouse, garden plaza, market café, wellness center, private restaurant, and theatre.
The graph above shows the 5-year trend of the median sales price in all of the Austin Board of Realtors MLS areas which include Travis, Williamson, Hays, Bastrop and Caldwell counties.
The median price dipped in January and February of 2023. Then, despite the decrease in the number of homes sold, the median price steadily increased in March, April and May – reaching $467,500 in May 2023.
